Precedent is irrelevant here. The issues are very obvious.
1. The company is technically insolvent. 2. Phua is potentially a person of interest with ASIC and APRA over his dealings with the company.In particular with the Soarlabs settlement. 3. ASIC will not let people lose more money in a company that will go broke as soon as it lists.
For newbies, just hope it finalises by June so we get a current tax advantage out of it. Having $ tied up doing nothing has been very costly. The opportunity cost has been enormous.
BPG Price at posting:
0.9¢ Sentiment: None Disclosure: Held
